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6. 1. D. - Page 28 <br />Section 3.04 Determining Maximum Affordable Unit Sales Price <br />In order to ensure compliance with this Article in connection with the sale and <br />transfer of the Affordable Units, the Affordable Units may not be sold to Qualified Buyers <br />for a purchase price which results in an annual "Affordable Housing Cost" (as defined <br />below), in excess of one of the following calculation: <br />Affordable Housing Cost shall not exceed thirty percent (30 %) of the <br />actual Gross Income of the household, and includes a down payment equal to <br />ten percent (10 %) of the Affordable Unit sales price. <br />The term "adjusted for family size appropriate to the unit ", shall mean a <br />household of two (2) persons in the case of each Affordable Unit consisting of <br />one (1) bedroom. <br />Affordable Housing Cost shall include all of the following associated with an <br />Affordable Unit and shall be calculated on either a monthly or annual basis: <br />1. Principal and interest payments on an Eligible First Loan ( "PI "); and <br />2. Any loan insurance fees associated therewith, including without <br />limitation, private mortgage insurance ( "PMI ") or mortgage <br />insurance premiums ( "MIP "); and <br />3. Principal and interest payments on an Eligible Second Loan ( "SPI "); <br />and <br />4. Property taxes ( "Taxes "), calculated as 1.25% of the Affordable Unit <br />purchase price; and <br />5. Any applicable Mello -Roos or other special assessments; and <br />6. A reasonable monthly utilities allowance ( "Utilities Allowance "), <br />based upon the periodic Allowance Adjustments (as provided <br />below); and <br />7. A reasonable monthly maintenance and repair allowance <br />( "Maintenance Allowance ") based upon the periodic Allowance <br />Adjustments (as provided below). <br />Allowance Adjustments To provide an adequate level of service as required under <br />California Code of Regulations, Title 25, section 6920, the Utilities Allowance and <br />Maintenance Allowance shall be established periodically upon the sale of each <br />Affordable Unit (the "Allowance Adjustments "). At the time of a proposed sale, the <br />monthly Utilities Allowance shall be that set forth by the Housing Authority of the <br />County of San Mateo's then - published applicable annual housing allowances for <br />REDW\0001 \DOC \022 -4.DOC <br />6/3/09 1200 HVT <br />VA <br />